Shawbrook has completed its largest ever regulated bridge of £2.9m on its 12 month interest-only RB1 product.
The bank launched into regulated bridging in October and principally caters for for borrowers looking to avoid chain breaks or wanting to downsize.
Curtis Goring, managing director of The Aftersales Network, said: “My client is exceptionally pleased with the level of service they received on this loan, ending in a positive outcome.
“Shawbrook keeps it straightforward with just two regulated bridging products that have transparent criteria requirements.
“My clients appreciate this directness as do I, and I look forward to completing on many more regulated bridging mortgages with Shawbrook in the future.”
With the deal in question despite a delay caused by the borrower being abroad, all necessary documentation was collected in time.
There were some concerns around planning arrangements for the borrower’s current residence, whereby the correct permissions had not been ascertained for a previous garage extension.
The Shawbrook lending manager on the case consulted directly with the valuer to seek guidance on how this may affect the valuation. The case was able to progress to completion shortly after with an agreed drop of £50,000.
Credit searches were also due to expire but Shawbrook extended the offer for 10 days.